Emergent Biosolutions (EBS) financial statements
Emergent Biosolutions reported revenue of $743M in fiscal 2025, up 4.8% a year over 9 years.
Net income was $53M and the operating margin 13.5%, against 21.6% in 2016.
Free cash flow was $157M, and the company returned $25M in net buybacks.
The diluted share count rose 15% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Emergent Biosolutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $489M | $561M | $782M | $1.1B | $1.6B | $1.8B | $1.1B | $1.0B | $1.0B | $743M |
| Cost of revenue | $126M | $188M | $322M | $434M | $537M | $748M | $693M | $705M | $681M | $326M |
| Gross profit | $362M | $373M | $460M | $672M | $925M | $891M | $383M | $318M | — | — |
| Research and development | $107M | $97M | $143M | $226M | $238M | $235M | $188M | $111M | $71M | $53M |
| Selling, general and admin | $143M | $143M | $202M | $274M | $304M | $349M | $340M | $368M | $308M | $186M |
| Operating income | $106M | $124M | $90M | $114M | $438M | $341M | -$170M | -$726M | -$109M | $100M |
| Interest expense | $8M | $7M | $10M | $38M | $31M | $34M | $37M | $88M | $71M | $59M |
| Pre-tax income | $99M | $119M | $82M | $77M | $412M | $303M | -$219M | -$731M | -$143M | $83M |
| Income tax | $37M | $36M | $19M | $23M | $106M | $84M | -$7M | $29M | $48M | $30M |
| Net income | $52M | $83M | $63M | $54M | $306M | $220M | -$212M | -$760M | -$191M | $53M |
| EPS (diluted) | $1.13 | $1.71 | $1.22 | $1.04 | $5.68 | $4.06 | -$4.22 | -$14.85 | -$3.60 | $0.93 |
| Diluted shares | 49M | 50M | 51M | 52M | 54M | 54M | 50M | 51M | 53M | 57M |
| Gross margin | 74.2% | 66.5% | 58.8% | 60.8% | 59.5% | 50.3% | 34.3% | 30.3% | — | — |
| Operating margin | 21.6% | 22.2% | 11.5% | 10.3% | 28.2% | 19.2% | -15.2% | -69.2% | -10.4% | 13.5% |
| Net margin | 10.6% | 14.7% | 8.0% | 4.9% | 19.7% | 12.4% | -18.9% | -72.5% | -18.3% | 7.1% |
Balance sheet
Fiscal years, from Emergent Biosolutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $272M | $178M | $112M | $168M | $621M | $576M | $643M | $112M | $100M | $205M |
| Receivables | $138M | $144M | $262M | $271M | $231M | $279M | $159M | $191M | $154M | $84M |
| Inventory | $74M | $143M | $206M | $222M | $307M | $344M | $351M | $329M | $312M | $343M |
| Total current assets | $510M | $485M | $621M | $686M | $1.2B | $1.3B | $1.2B | $680M | $599M | $662M |
| Property, plant and equipment | $376M | $407M | $510M | $542M | $644M | $800M | $818M | $383M | $271M | $205M |
| Goodwill | $41M | $49M | $260M | $267M | $267M | $225M | $218M | $0 | $0 | $0 |
| Total assets | $970M | $1.1B | $2.2B | $2.3B | $2.9B | $3.0B | $3.2B | $1.8B | $1.4B | $1.3B |
| Total current liabilities | $106M | $100M | $200M | $216M | $384M | $374M | $1.2B | $651M | $162M | $132M |
| Long-term debt | $248M | $14M | $784M | $798M | $841M | $809M | $448M | $446M | $664M | $572M |
| Total liabilities | $374M | $158M | $1.2B | $1.2B | $1.4B | $1.3B | $1.8B | $1.2B | $907M | $796M |
| Shareholders' equity | $596M | $912M | $1.0B | $1.1B | $1.5B | $1.6B | $1.4B | $649M | $483M | $523M |
| Net debt | -$23M | -$165M | $682M | $644M | $254M | $265M | $763M | $748M | $564M | $367M |
Cash flow
Fiscal years, from Emergent Biosolutions's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $55M | $208M | $42M | $188M | $537M | $320M | -$34M | -$206M | $59M | $171M |
| Capital spending | $76M | $55M | $72M | $87M | $142M | $224M | $116M | $52M | $23M | $14M |
| Free cash flow | -$22M | $153M | -$30M | $101M | $395M | $96M | -$150M | -$258M | $36M | $157M |
| Stock-based compensation | $18M | $15M | $23M | $27M | $52M | $42M | $45M | $23M | $18M | $16M |
| Share buybacks (net) | $0 | -$33M | -$100,000 | $0 | $0 | -$106M | -$82M | $0 | $0 | -$25M |
| Net borrowing | $0 | $0 | $795M | — | — | — | — | — | — | — |
| Free cash flow margin | -4.4% | 27.3% | -3.9% | 9.1% | 25.4% | 5.4% | -13.4% | -24.6% | 3.4% | 21.1% |
Questions
What was Emergent Biosolutions's revenue in 2025?
$743M in fiscal 2025, from its 10-K filing.
How much free cash flow does Emergent Biosolutions generate?
$157M in fiscal 2025 (operating cash flow minus capital spending).
From Emergent Biosolutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.